Full Year 2026 Urbanise.com Ltd Earnings Call

August 25, 2026

Speaker #2: Good morning, everyone, and welcome to the Urbanise.com Limited FY26 full-year results presentation. I would like to advise there will be a short delay in the commencement of the presentation while we await the lodgement of the relevant materials with ASIC.

Françoise Debelak: Good morning, everyone, and welcome to the Urbanise.com Limited's FY26 full-year results presentation. I would like to advise there will be a short delay in the commencement of the presentation while we await the lodgment of the relevant materials on the ASX. We will come back to you in a few minutes with a progress update. Thank you for your patience and for your time.

Françoise Dixon: Good morning, everyone, and welcome to the Urbanise.com Limited's FY 2026 Full-Year Results presentation. I would like to advise there will be a short delay in the commencement of the presentation while we await the lodgment of the relevant materials on the ASX. We will come back to you in a few minutes with a progress update. Thank you for your patience and for your time.

Speaker #2: We will come back to you in a few minutes with a progress update. Thank you for your patience and your time.

Speaker #3: Good morning, everyone. As previously advised by our Investor Relations Manager, François Dixon, our materials have been posted to the ASX. Unfortunately, with earnings season in progress, it seems that the ASX is having some delays in posting that material to the public boards.

Darc Rasmussen: Good morning, everyone. As previously advised by our Investor Relations Manager, Françoise Debelak, our materials have been posted to the ASX. Unfortunately, with earnings seasons in progress, it seems that the ASX is having some delays in posting that material to the public boards. Following proper governance, we do need to wait until those materials have been posted to the public boards. We are hoping that should happen within the next couple of minutes. We will keep this webinar open for the next couple of minutes and see if those materials post. If not, we will advise you of a deferral. Appreciate your patience. Let us hold on there for another couple of minutes and see if the ASX can post those materials. Thank you very much for your understanding.

Darc Rasmussen: Good morning, everyone. As previously advised by our Investor Relations Manager, Françoise Dixon, our materials have been posted to the ASX. Unfortunately, with earnings seasons in progress, it seems that the ASX is having some delays in posting that material to the public boards. Following proper governance, we do need to wait until those materials have been posted to the public boards. We are hoping that should happen within the next couple of minutes. We will keep this webinar open for the next couple of minutes and see if those materials post. If not, we will advise you of a deferral. Appreciate your patience. Let us hold on there for another couple of minutes and see if the ASX can post those materials. Thank you very much for your understanding.

Speaker #3: Following proper governance, we do need to wait until those materials have been posted to the public boards. We're hoping that should happen within the next couple of minutes.

Speaker #3: We will keep this webinar open for the next couple of minutes and see if those materials post. If not, we'll advise you of a deferral.

Speaker #1: Good morning, everyone. Good morning, everyone.

Françoise Debelak: Good morning, everyone. Good morning, everyone.

Françoise Dixon: Good morning, everyone. Good morning, everyone.

Speaker #2: Good morning, and good morning.

Simon Lee: Good morning.

Darc Rasmussen: Good morning.

Speaker #1: And I think we're ready to go. Right, we're live.

Françoise Debelak: And I think we're ready to go, right? We're live.

Françoise Dixon: And I think we're ready to go, right? We're live.

Speaker #2: Yes. Yes. Yes.

Simon Lee: Yes.

Darc Rasmussen: Yes.

Speaker #1: Okay . Thank you everyone , for your patience . Good morning and welcome to the Urbanise com limited FY 26 full year results presentation .

Françoise Debelak: Okay. Thank you everyone for your patience. Good morning and welcome to the Urbanise.com Limited FY26 full year results presentation. My name is Françoise Debelak, head of investor relations at Urbanise. Joining me today are Darc Rasmussen, Executive Chair, Simon Lee, Chief Executive Officer, and Brent Henley, Chief Financial Officer. Please refer to the slide deck that has now been released to the ASX. As always, today's presentation contains forward-looking statements which are subject to the disclaimer on the final slide of the pack. I will now hand over to Darc.

Françoise Dixon: Okay. Thank you everyone for your patience. Good morning and welcome to the Urbanise.com Limited FY 2026 Full-Year Results presentation. My name is Françoise Dixon, Head of Investor Relations at Urbanise. Joining me today are Darc Rasmussen, Executive Chair, Simon Lee, Chief Executive Officer, and Brent Henley, Chief Financial Officer. Please refer to the slide deck that has now been released to the ASX. As always, today's presentation contains forward-looking statements which are subject to the disclaimer on the final slide of the pack. I will now hand over to Darc.

Speaker #1: My name is Francoise Dixon , Head of Investor Relations at Urbanise com Joining me today are dark Rasmussen , executive Chair . Simon Lee , chief Executive Officer .

Speaker #1: And Brent Henley , Chief financial officer Please refer to the slide deck that has now been released to the ASX . As always , today's presentation contains forward looking statements which are subject to the disclaimer on the final slide of the pack .

Speaker #1: I will now hand over to Dark.

Speaker #2: Thank you Francois , and thank you all very much for your patience . This morning . We understand the ASX had a large backlog of announcements to get out onto their board As a matter of good governance , we had to wait until that had occurred .

Darc Rasmussen: Thank you, Françoise. Thank you all very much for your patience this morning. We understand the ASX had a large backlog of announcements to get out onto their board. As a matter of good governance, we had to wait until that had occurred. Your patience is very much appreciated. We see that the vast majority of participants have stayed online. For those who were not able to join or dropped off, this, of course, is being recorded and will be posted for your convenience. Thank you very much for your interest in Urbanise. I am excited to review these results with you and share the progress we have made over the past year. FY26 was an important year for Urbanise.

Speaker #2: Your patients very much appreciated . We see that the vast , vast majority of participants have stayed online . For those who were not able to join or dropped off , this , of course , is being recorded and will be posted for your convenience .

Speaker #2: So, thank you very much for your interest in Urbanise.com. I'm excited to review these results with you and share the progress we've made over the past year.

Speaker #2: FY 26 was an important year for Urbanise com . We made the investments . We said we would make , and today we'll take you through how those investments are beginning to translate into stronger underlying performance and how they position the business for FY 27 .

Darc Rasmussen: We made the investments we said we would make, and today we will take you through how those investments are beginning to translate into stronger underlying performance and how they position the business for FY27. We will cover four areas today. First, I will give you a perspective on Urbanise today. The FY26 business update, which Simon Lee will take you through. The FY26 financial highlights, which Brent will cover. Finally, the FY27 outlook, which Simon will close out with. Let me start with where Urbanise stands today. Urbanise operates the leading cloud-native strata platform embedded within customer workflows across trust accounting, compliance, maintenance, and communication. We are building a substantial base of strata customers and lots across our markets, and our partnership with NAB continues to strengthen our position in the market.

Darc Rasmussen: We made the investments we said we would make, and today we will take you through how those investments are beginning to translate into stronger underlying performance and how they position the business for FY 2027. We will cover four areas today. First, I will give you a perspective on Urbanise today. The FY 2026 business update, which Simon Lee will take you through. The FY 2026 financial highlights, which Brent will cover. Finally, the FY 2027 outlook, which Simon will close out with. Let me start with where Urbanise stands today. Urbanise operates the leading cloud-native strata platform embedded within customer workflows across trust accounting, compliance, maintenance, and communication. We are building a substantial base of strata customers and lots across our markets, and our partnership with NAB continues to strengthen our position in the market.

Speaker #2: We'll cover four areas today . First , I'll give you a perspective on Urbanise com today , the FY 26 business update , which Simon Lee will take you through the FY 26 financial highlights , which Brent will cover .

Speaker #2: And finally , the FY 27 outlook , which Simon will close out with . Let me start with where Urbanise com stands today Urbanise com operates the leading cloud native strata platform embedded within customer workflows across trust accounting , compliance , maintenance and communication .

Speaker #2: We're building a substantial base of strata customers and lots across our markets, and our partnership with NAB continues to strengthen our position in the market.

Speaker #2: That gives us a high quality SaaS revenue base . 13.3 million in RR , 14 million in contracted IRR , and an impressive 97.4 net IRR retention and 85% recurring revenue .

Darc Rasmussen: That gives us a high-quality SaaS revenue base, AUD 13.3 million in ARR, AUD 14 million in contracted ARR, and an impressive 97.4% net ARR retention, and 85% recurring revenue. We closed the year with AUD 11.9 million in net cash, which leaves the balance sheet well-placed to fund the growth ahead. We are well-positioned for FY27 growth, with our largest ARR expansion opportunity being the monetization of our existing customer base through the Urbanise NAB Integration Service, alongside the second strong pathway in legacy conversion, supported by the staged pilot that is already underway for the NAB Integration Service, the BCM Owners Portal, and further strata platform enhancements. That combination of high-quality recurring revenue base and a strong balance sheet is very deliberate. It is what gives us the commercial capability to support the adoption phase ahead. We are not funding FY27 growth from a standing start.

Darc Rasmussen: That gives us a high-quality SaaS revenue base, AUD 13.3 million in ARR, AUD 14 million in contracted ARR, and an impressive 97.4% net ARR retention, and 85% recurring revenue. We closed the year with AUD 11.9 million in net cash, which leaves the balance sheet well-placed to fund the growth ahead. We are well-positioned for FY 2027 growth, with our largest ARR expansion opportunity being the monetization of our existing customer base through the Urbanise NAB Integration Service, alongside the second strong pathway in legacy conversion, supported by the staged pilot that is already underway for the NAB Integration Service, the BCM Owners Portal, and further strata platform enhancements. That combination of high-quality recurring revenue base and a strong balance sheet is very deliberate. It is what gives us the commercial capability to support the adoption phase ahead. We are not funding FY 2027 growth from a standing start.

Speaker #2: We closed the year with 11.9 million in net cash , which leaves the balance sheet well placed to fund the growth ahead . We're well positioned for FY 27 growth with our largest IRR expansion opportunity being the monetization of our existing customer base through the urbanized Mab integration Service , alongside a second strong pathway in legacy conversion supported by the staged pilot that is already underway for the NAB Integration Service .

Speaker #2: The BCM owners portal and further strata platform enhancements . That combination of high quality , recurring revenue base and a strong balance sheet is very deliberate .

Speaker #2: It's what gives us the commercial capability to support the adoption phase ahead. We're not funding FY2027 growth from a standing start.

Speaker #2: We're funding it from a position of strength, with $11.9 million in cash and term deposits, and no debt on the balance sheet. It also means that we go into FY27 able to invest in scaling capability, rather than having to choose between funding growth and protecting the balance sheet.

Darc Rasmussen: We are funding it from a position of strength, with AUD 11.9 million in cash and term deposits and no debt on the balance sheet. It also means that we go into FY27 able to invest in scaling capability rather than having to choose between funding growth and protecting the balance sheet. What underpins all of this is how embedded the platform is in our customers' day-to-day operations, which is reflected in the very low churn rate that we see across the base. That is the foundation of everything that we will take you through today. If we look at the market opportunity, the Australian strata market has historically been underserved by legacy industry software and financial infrastructure. There are approximately 2.15 million managed strata lots across Australia, with AUD 10 to 15 billion in strata funds held on deposit by banks. This underpins the opportunity for banking integration.

Darc Rasmussen: We are funding it from a position of strength, with AUD 11.9 million in cash and term deposits and no debt on the balance sheet. It also means that we go into FY 2027 able to invest in scaling capability rather than having to choose between funding growth and protecting the balance sheet. What underpins all of this is how embedded the platform is in our customers' day-to-day operations, which is reflected in the very low churn rate that we see across the base. That is the foundation of everything that we will take you through today. If we look at the market opportunity, the Australian strata market has historically been underserved by legacy industry software and financial infrastructure. There are approximately 2.15 million managed strata lots across Australia, with AUD 10 to 15 billion in strata funds held on deposit by banks. This underpins the opportunity for banking integration.

Speaker #2: What underpins all of this is how embedded the platform is in our customers' day-to-day operations, which is reflected in the very low churn rate that we see across the base.

Speaker #2: That's the foundation of everything that we will take you through today If we look at the market opportunity , the strata , the Australian strata market has has historically been underserved by legacy industry software and financial infrastructure .

Speaker #2: There are approximately 2.15 million managed strata lots across Australia, with $10 to $15 billion in strata funds held on deposit by banks.

Speaker #2: This underpins the opportunity for banking integration. More than 40% of the market is still operating on non-cloud legacy systems, representing a significant conversion opportunity with an estimated $70 to $100 million in strata software and banking integration market.

Darc Rasmussen: More than 40% of the market is still operating on non-cloud legacy systems, representing a significant conversion opportunity with an estimated AUD 70 to AUD 100 million in Strata software and banking integration market. We are well-placed to capture this opportunity, supported by our banking relationships, our large installed customer base, and a well-funded balance sheet. Under investment in this sector is not a criticism. It is simply where the opportunity comes from. Legacy Strata software and banking infrastructure were never built to talk to each other, and closing that gap is exactly what our banking integration capability is designed to do. These market dynamics present multiple pathways for ARR expansion through the installed base monetization and through the legacy customer conversion. As a result, we see two clear pathways to expand ARR from today's AUD 7.9 million in Strata ARR. The first is the existing customer base opportunity.

Darc Rasmussen: More than 40% of the market is still operating on non-cloud legacy systems, representing a significant conversion opportunity with an estimated AUD 70 to 100 million in Strata software and banking integration market. We are well-placed to capture this opportunity, supported by our banking relationships, our large installed customer base, and a well-funded balance sheet. Under investment in this sector is not a criticism. It is simply where the opportunity comes from. Legacy Strata software and banking infrastructure were never built to talk to each other, and closing that gap is exactly what our banking integration capability is designed to do. These market dynamics present multiple pathways for ARR expansion through the installed base monetization and through the legacy customer conversion. As a result, we see two clear pathways to expand ARR from today's AUD 7.9 million in Strata ARR. The first is the existing customer base opportunity.

Speaker #2: We're well placed to capture this opportunity, supported by our banking relationships, our large installed customer base, and a well-funded balance sheet. Underinvestment in this sector isn't a criticism.

Speaker #2: It's simply where the opportunity comes from. Legacy strata, software, and banking infrastructure were never built to talk to each other. And closing that gap is exactly what our banking integration capability is designed to do.

Speaker #2: These market dynamics present multiple pathways for IRR expansion through installed base monetization and through legacy customer conversion. As a result, we see two clear pathways to expand RR from today's $7.9 million in strata RR.

Speaker #2: The first is the existing customer base opportunity. As we roll out the capabilities being deployed through the staged pilot launched in July this year, we expect increased monetization across the customers and across the companies.

Darc Rasmussen: As we roll out the capabilities being deployed through the staged pilot launched in July this year, increased monetization across the company's Australian build customer base has the potential to contribute another approximately AUD 8 million of incremental ARR. The second is the legacy conversion opportunity. Sorry, my apologies. A competitively priced cloud-based offering that combines integrated payments with banking choice is a combination that has not previously been available to this market. It creates a compelling and differentiated proposition for the more than 40% of the market still operating on legacy systems that is ready for change. Following investment in upgrading the company's sales capability, we have already signed approximately 17,000 lots from legacy competitors in Q4 of FY26 alone. That constitutes about 10% of the lots required to double the company's Strata ARR.

Darc Rasmussen: As we roll out the capabilities being deployed through the staged pilot launched in July this year, increased monetization across the company's Australian build customer base has the potential to contribute another approximately AUD 8 million of incremental ARR. The second is the legacy conversion opportunity. Sorry, my apologies. A competitively priced cloud-based offering that combines integrated payments with banking choice is a combination that has not previously been available to this market. It creates a compelling and differentiated proposition for the more than 40% of the market still operating on legacy systems that is ready for change. Following investment in upgrading the company's sales capability, we have already signed approximately 17,000 lots from legacy competitors in Q4 of FY 2026 alone. That constitutes about 10% of the lots required to double the company's Strata ARR.

Speaker #2: Australian build customer base has the potential to contribute another approximately 8 million of incremental RR . The second is the legacy conversion opportunity , a competitively based sorry , my apologies .

Speaker #2: A competitively priced, cloud-based offering that combines integrated payments with banking choice is a combination that has not previously been available to this market.

Speaker #2: It creates a compelling and differentiated proposition for the more than 40% of the market . Still operating on legacy systems . That is ready for change following investment in upgrading the company's sales capability , we have already signed approximately 17000 lots from legacy competitors in the fourth quarter of FY 26 alone .

Speaker #2: That constitutes about 10% of the loss required to double the company's strata RR. Together, these give the company a credible path from the current $7.9 million in RR toward $24 million in the future.

Darc Rasmussen: Together, these give the company a credible path from the current AUD 7.9 million in ARR towards AUD 24 million in future Strata ARR. The existing customer base opportunity is particularly attractive because it does not require us to win a single new customer. These are lots already on our platform today. The integrated solution we are rolling out offers real operational advantages for Strata managers, which is why the staged pilot approach matters. It lets us prove those advantages with real customers before we scale. The legacy conversion opportunity works differently. It is, quite frankly, a competitive land grab, converting managers off systems that cannot offer the banking choice that we now can. Both pathways are already moving. We have signed real lots and the pilots are live.

Speaker #2: Strata are the existing customer base. Opportunity is particularly attractive because it doesn't require us to win a single new customer. These are lots already on our platform today.

Speaker #2: The integrated solution we're rolling out offers real operational advantages for strata managers, which is why the staged pilot approach matters. It lets us prove those advantages with real customers.

Speaker #2: Before we scale the legacy conversion opportunity works differently . It is , quite frankly , a competitive land grab , converting managers off systems that can't offer the banking choice that we now can .

Speaker #2: Both pathways are already moving . We've signed real loss , and the pilots are live to put the existing base in context . These are customers already build on the platform as at July 2026 , pilot launch .

Darc Rasmussen: To put the existing base in context, these are customers already built on the platform as at July 2026 pilot launch, and we have continued to add to that base with lots won from legacy competitors across Q4 of FY26 and in Q1 of FY27. That is the combination I wanted to leave you with before Simon takes you through how FY26 actually played out against the plan that we set. I will now hand over to Simon for the FY26 business update.

Darc Rasmussen: To put the existing base in context, these are customers already built on the platform as at July 2026 pilot launch, and we have continued to add to that base with lots won from legacy competitors across Q4 of FY 2026 and in Q1 of FY 2027. That is the combination I wanted to leave you with before Simon takes you through how FY 2026 actually played out against the plan that we set. I will now hand over to Simon for the FY 2026 business update.

Speaker #2: And we've continued to add to that base with lots won from legacy competitors across the fourth quarter of FY26 and in the first quarter of FY27.

Speaker #2: That's the combination I wanted to leave you with before Simon takes you through how FY26 actually played out against the plan that we set.

Speaker #2: I'll now hand over to Simon for the FY26 business update. Thank you.

Speaker #3: You doc . FY 26 was a successful transition year for airlines . Revenue was $15 million , up 14.3% , driven by growth in licensed and professional fee revenues supported by the NAB partnership and new customer wins .

Simon Lee: Thank you, Mark. FY26 was a successful transition year for Urbanise. Revenue was AUD 15 million, up 14.3%, driven by growth in license and professional fee revenues, supported by the NAB partnership and new customer wins. ARR increased 2.2% to AUD 13.3 million, and contracted ARR increased 4.3% to AUD 14 million, with backlog expanding to AUD 0.7 million on contract wins and implementation activity. Adjusted EBITDA improved to AUD 43,000 from a AUD 252,000 loss in FY25 based on revenue growth and operating leverage and cost discipline. Pleasing outcome given where we started the year. Net ARR retention improved to 97.4%, up from 93.5% in FY25. Continued evidence of strong customer retention and recurring revenue quality. We ended the year with AUD 11.9 million in cash versus AUD 15.9 million at June 2025 after funding our planned FY26 investment activities. The adjusted EBITDA excludes share-based payments consistent with our previous reporting.

Simon Lee: Thank you, Darc. FY 2026 was a successful transition year for Urbanise. Revenue was AUD 15 million, up 14.3%, driven by growth in license and professional fee revenues, supported by the NAB partnership and new customer wins. ARR increased 2.2% to AUD 13.3 million, and contracted ARR increased 4.3% to AUD 14 million, with backlog expanding to AUD 0.7 million on contract wins and implementation activity. Adjusted EBITDA improved to AUD 43,000 from a AUD 252,000 loss in FY25 based on revenue growth and operating leverage and cost discipline. Pleasing outcome given where we started the year. Net ARR retention improved to 97.4%, up from 93.5% in FY25. Continued evidence of strong customer retention and recurring revenue quality. We ended the year with AUD 11.9 million in cash versus AUD 15.9 million at June 2025 after funding our planned FY 2026 investment activities.

Speaker #3: RR increased 2.2% to $13.3 million, and contracted RR increased 4.3% to $14 million, with backlog expanding to $27 million. Contract wins and implementation activity contributed to this growth.

Speaker #3: Adjusted EBITDA improved to a $43,250 loss from a $2,000 loss in FY25, based on revenue growth, operating leverage, and cost discipline. Pleasing outcome.

Speaker #3: Given where we started the year, net RR retention improved to 97.4%, up from 93.5% in '25. This is continued evidence of strong customer retention and recurring revenue quality.

Speaker #3: So we ended the year with $11.9 million in cash versus 15.9 million at June 2025 . After funding our planned FY 26 investment activities , the adjusted EBITDA excludes share based payments consistent with our previous reporting .

Simon Lee: The adjusted EBITDA excludes share-based payments consistent with our previous reporting.

Speaker #3: We turn to how we performed against the priorities we set out in August 2025. Five of the six priorities were achieved, so we will deliver to plan six.

Simon Lee: We turn to how we performed against the priorities we set out in August 2025. Five of the six priorities were achieved or delivered to plan. Our cash flow target was partially achieved, and I will cover why shortly. Our first priority was to invest in the NAB banking integration and prepare the business to scale. We delivered that in full, the Urbanise NAB Integration Service, the BCM Owners Portal, and a range of commercial readiness initiatives. We also committed to delivering the NAB banking integration during 2026, and the stage pilot commenced in July 2026 with contracted customers committed to the adoption. We said we would remain well-funded to deliver the FY26 roadmap, and we did, delivering the roadmap while maintaining a strong balance sheet, ending the year with AUD 11.9 million in cash to turn the bonds and no debts.

Simon Lee: We turn to how we performed against the priorities we set out in August 2025. Five of the six priorities were achieved or delivered to plan. Our cash flow target was partially achieved, and I will cover why shortly. Our first priority was to invest in the NAB banking integration and prepare the business to scale. We delivered that in full, the Urbanise NAB Integration Service, the BCM Owners Portal, and a range of commercial readiness initiatives. We also committed to delivering the NAB banking integration during 2026, and the stage pilot commenced in July 2026 with contracted customers committed to the adoption. We said we would remain well-funded to deliver the FY 2026 roadmap, and we did, delivering the roadmap while maintaining a strong balance sheet, ending the year with AUD 11.9 million in cash to turn the bonds and no debts.

Speaker #3: Our cash flow target was partially achieved, and I'll cover why shortly. So our first priority was to invest in the NAB banking integration and prepare the business to scale.

Speaker #3: We delivered that in full . The NAB integration service , the PCM owners portal and a range of commercial readiness initiatives . We also committed to delivering the NAB banking integration during 2026 , and the stage pilot commenced in July 2026 .

Speaker #3: With contracted customers committed to adoption . We said we would remain well funded to deliver the FY 26 roadmap , and we did , delivering the roadmap while maintaining a strong balance sheet , ending the year with 11.9 million in cash term deposits and no debt .

Speaker #3: We set out to expand the customer footprint across Strata, and FM and Group RR grew 2.2%, with Strata up 1.2% and 3.8% on new contract wins.

Simon Lee: We set out to expand the customer footprint across Strata and FM, and group ARR grew 2.2% with Strata up 1.2% and FM up 3.8% on new contract wins, existing customer expansion, and our partnership revenues. We are well placed to improve on that in the coming year. We also plan to prepare for the FY27 commercial ramp-up. That was achieved. We strengthened commercial leadership and expanded sales capability to support the FY27 adoption and growth. Finally, we had expected operating cash flows to be negative in FY26, but overall cash flows to be positive. However, we did not achieve the second. We had anticipated capital inflows during the course of the year, which did not play out as anticipated.

Simon Lee: We set out to expand the customer footprint across Strata and FM, and group ARR grew 2.2% with Strata up 1.2% and FM up 3.8% on new contract wins, existing customer expansion, and our partnership revenues. We are well placed to improve on that in the coming year. We also plan to prepare for the FY 2027 commercial ramp-up. That was achieved. We strengthened commercial leadership and expanded sales capability to support the FY 2027 adoption and growth. Finally, we had expected operating cash flows to be negative in FY 2026, but overall cash flows to be positive. However, we did not achieve the second. We had anticipated capital inflows during the course of the year, which did not play out as anticipated.

Speaker #3: Existing customer expansion and NAB partnership revenues . We're well placed to improve on that in the coming year . We also plan to prepare for the FY 27 commercial grant up .

Speaker #3: That was achieved . We strengthened commercial leadership . We expanded sales capability to support the FY 27 adoption and growth . Finally , we had expected operating cash flow to be negative in FY 26 , but overall cash flows be positive .

Speaker #3: However, we did not achieve the second; we had anticipated capital inflows during the course of the year, which did not play out as anticipated.

Speaker #3: Both operating cash flow and overall cash flow were negative for the year, although outflows improved materially in the second half, and we ended the year with 11.9 million in cash.

Simon Lee: Both operating cash flow and overall cash flow were negative for the year, although outflows improved materially in the second half, and we ended the year with the AUD 11.9 million integration cash. Let me step through the capabilities we delivered across the platform. The Urbanise NAB Integration Service provides secure banking integration, enabling automated reconciliation, supplier payments, levy processing, and complete statement coverage. The BCM branded owners portal is a mobile-first experience, giving owners visibility to levies, payment history, and digital payments through the strata manager's own branded portal. The Urbanise Strata platform itself remains mission-critical system of record for trust accounting, payments, and compliance for maintenance, and we have delivered strata management upgrades supporting automated reconciliation, site payments, branded communications, and dual banking capabilities. On AI, our AI assistant is in progress with Urbanise Strata, with a roadmap for automation, data interrogation, workflow optimization using customer data.

Speaker #3: Let me step through the capabilities to be delivered across the platform. The Urbanise NAB Integration Service provides secure banking integration, enabling automated reconciliation, supplier payments, levy processing, and complete statement coverage.

Speaker #3: The BCM-branded Owners Portal is a mobile-first experience, giving owners visibility, levies, payment history, and digital payments to the strata. Managers have their own branded portal as well.

Speaker #3: The Strata platform itself remains mission critical system of record , the trust accounting payments , compliance and maintenance , and we've delivered strata management upgrades supporting automated reconciliation payments , branded communications and dual banking capabilities on AI .

Speaker #3: Our AI assistant is in progress within strata, with a roadmap for automation, data interrogation, and workflow optimization using customer data. I'll come back to this in a moment.

Simon Lee: I'll come back to this in a moment. These capabilities reflect the staged pilot releases from July 2026. Scope and sequencing remain subject to change as the pilot progresses. Together, these upgrades mean the platform now supports a broader range of banking and payment workflows than at any other point in Urbanise's history. They form the foundation for the commercial ramp-up we're planning for FY27. Partnership with NAB continues to underpin our growth strategy, and at its core, the partnership brings together Urbanise Strata platform and industry expertise with NAB's banking and payments infrastructure. The commercial model reflects both the development work delivered and ongoing platform usage. Urbanise receives software and integration license fees together with a variable per-lot platform license fee that increases as customers adopt and use the integrated solution. The staged pilot commenced in July 2026.

Simon Lee: I'll come back to this in a moment. These capabilities reflect the staged pilot releases from July 2026. Scope and sequencing remain subject to change as the pilot progresses. Together, these upgrades mean the platform now supports a broader range of banking and payment workflows than at any other point in Urbanise's history. They form the foundation for the commercial ramp-up we're planning for FY 2027. Partnership with NAB continues to underpin our growth strategy, and at its core, the partnership brings together Urbanise Strata platform and industry expertise with NAB's banking and payments infrastructure. The commercial model reflects both the development work delivered and ongoing platform usage. Urbanise receives software and integration license fees together with a variable per-lot platform license fee that increases as customers adopt and use the integrated solution. The staged pilot commenced in July 2026.

Speaker #3: These capabilities reflect the staged pilot releases from July 2026. The scope and sequencing remain subject to change as the plan progresses together.

Speaker #3: These upgrades mean the platform now supports a broader range of banking and payment workflows than at any other point in their history.

Speaker #3: And they form the foundation for the commercial ramp up . We're planning for F1 27 . Partnership with NAB continues to underpin our growth strategy , and at its core , the partnership brings together Urbanise com strong platform and industry expertise with banking and payments infrastructure .

Speaker #3: The commercial model reflects both the development work as delivered and ongoing platform usage . Urbanise com software and integration license fees , together with a variable per lot platform license fee .

Speaker #3: They increase the as customers adopt and use the integrated solution , the stage pilot commenced in July 2026 . Development phases worth 4.6 million to Comprising a 3 million payable on a delivery milestones .

Simon Lee: Development phase is worth AUD 4.6 million to Urbanise, comprising AUD 3 million payable on agreed delivery milestones. The next phase carries a AUD 1.3 million fixed annual fee plus variable platform license fees as customers adopt and usage increases. The relationship also has a strategic AUD 1 million in Urbanise and currently holds a 15% shareholding, with the potential to increase this up to 19.99%, subject to exercise conditions on call options priced at AUD 1.25 and half cents per share. NAB has publicly described a broader sector partnership strategy, covering specialized digital payment solutions across professional services, insolvency, real estate, strata, and independent schools. NAB said that in its own business and private banking briefing on 30 July 2026. Staged pilot is progressing to plan. It commenced in July 2026, with contracted early adopter and licensed customers in the pilot and the BCM brand.

Speaker #3: The next phase carries a $1.3 million fixed annual fee, plus variable platform license fees. As customers adopt and usage increases, the relationship also has a strategic element and currently holds a 15% shareholding, with the potential to increase this up to 19.99%, subject to exercise conditions on call options.

Speaker #3: Buy for $1.25 and a half cents per share. NAB has publicly described a broader sector partnership strategy covering specialized digital payment solutions across professional services.

Speaker #3: Insolvency, real estate strata, and independent schools—NAB set that at its own business and private banking briefing on the 30th of July, 2026.

Speaker #3: Stage plans are progressing to plan. It commenced in July 2026 with contractors, early adopters, and customers in the pilot, and the BCN brand technology integration components continue to be developed throughout the pilot, with functionality released in stages.

Simon Lee: Technology integration components continue to be developed throughout the pilot, with functionality released in stages. Given the regulatory sensitivity of banking integration, we're deliberately taking a staged and controlled approach rather than a single big bang roll-out. We'll continue to update the market on staged pilot progress, including live customer deployment and reportable commercial outcomes. On AI specifically, our first AI capability is in progress as part of Urbanise's broader AI roadmap, with additional automation, analytics, workflow capabilities planned. It's built directly into Urbanise Strata using our proprietary workflows, permissions, and business process library, so responses are context-aware. For example, a strata manager can simply ask, "Show me the bylaws registered for this building," and get an instant answer. Early customer testing has demonstrated potential productivity benefits of up to 30%.

Speaker #3: And given the regulatory sensitivity and banking integration, we are deliberately taking a staged and controlled approach, rather than a single big bang rollout. We'll continue to update the market on staged pilot progress, including live customer deployment and reportable commercial outcomes on AI.

Speaker #3: Specifically, our first AI capability is in progress as part of a broader AI roadmap, with additional automation and analytics workflow capabilities planned.

Speaker #3: It's built directly into urbanized strata using our proprietary workflows , permissions , and business process library . So responses are context aware . For example , the manager can simply ask , show me the bylaws registered for this building and get an instant answer .

Speaker #3: Early customer testing has demonstrated potential productivity benefits of up to 30%. We expect this to support customer retention and competitive differentiation, as well as provide a foundation for further AI-enabled platform capabilities.

Simon Lee: We expect this to support customer retention and competitive differentiation and to provide a foundation for further AI-enabled platform capabilities. It also demonstrates we can embed AI safely within a regulated compliance-heavy workflow, a higher bar than most consumer AI tools. I'll now hand over to Brent for the financial results.

Speaker #3: It also demonstrates we can embed AI safely within a regulated , compliance heavy workflow . Higher bar than most consumer AI tools . I'll now hand over to Brent .

Speaker #3: Will the financial results Thanks , Simon . Revenue growth accelerated operating leverage emerged in the second half of FY 26 . Revenue increased 14.3% to 15 million for the year , with the second half revenue increasing 7.7 million from 7.72 7.7 million from 7.3 million in the first half .

Brent Henley: Thanks, Simon. Revenue growth accelerated and operating leverage emerged in the H2 of FY26. Revenue increased 14.3% to AUD 15 million for the year, with the H2 revenue increasing to AUD 7.7 million from AUD 7.3 million in the H1 on license fee growth and increased NAB-related implementation activity. License fee revenue grew 6.6%, driven by customer expansions and continued platform adoption. Professional fee revenue almost doubled on delivery of the NAB Integration Service and associated implementation activities. Operating costs increased 11.8%, driven by headcount and continued strategic investment, partly offset by lower consulting expenditure and share-based payments. EBITDA improved markedly from a loss of AUD 3.3 million in FY25 to a loss of AUD 1.3 million in FY26, reflecting revenue growth and emerging operating leverage, particularly in the H2. Low EBITDA depreciation and amortization reduced to AUD 670,000 from AUD 940,000 in FY25.

Brent Henley: Thanks, Simon. Revenue growth accelerated and operating leverage emerged in the H2 of FY 2026. Revenue increased 14.3% to AUD 15 million for the year, with the H2 revenue increasing to AUD 7.7 million from AUD 7.3 million in the H1 on license fee growth and increased NAB-related implementation activity. License fee revenue grew 6.6%, driven by customer expansions and continued platform adoption. Professional fee revenue almost doubled on delivery of the NAB Integration Service and associated implementation activities. Operating costs increased 11.8%, driven by headcount and continued strategic investment, partly offset by lower consulting expenditure and share-based payments. EBITDA improved markedly from a loss of AUD 3.3 million in FY25 to a loss of AUD 1.3 million in FY 2026, reflecting revenue growth and emerging operating leverage, particularly in the H2. Low EBITDA depreciation and amortization reduced to AUD 670,000 from AUD 940,000 in FY25.

Speaker #3: On license fee growth and increased NAB-related implementation activity: License fee revenue grew 6.6%, driven by customer expansion and continued platform adoption.

Speaker #3: Professional fee revenue almost doubled on delivery of the NAB Integration service and associated implementation activities . Operating costs increased 11.8% , driven by headcount and continued strategic investment , partly offset by lower consulting expenditure and share based payments .

Speaker #3: EBITDA improved markedly from a loss of 3.3 million in FY 25 to a loss of 1.3 million in FY 26 , reflecting revenue growth and emerging operating leverage , particularly in the second half .

Speaker #3: Below EBITDA , depreciation and amortization reduced to 670,000 from 940,000 in FY 25 . We recorded a foreign exchange loss of 145,000 , compared with a $212,000 gain in the prior year , and other income of 816,000 was made up of interest earned from our term deposits , and this year's R&D claim , up from 447,000 in the prior year We also recognized a $442,000 fair value gain on a derivative , with no equivalent item in FY 25 , finance costs were largely unchanged at 23,000 .

Brent Henley: We recorded a foreign exchange loss of AUD 145,000 compared with an AUD 212,000 gain in the prior year. Other income of AUD 816,000 was made up of interest earned from our term deposits and this year's R&D claim, up from AUD 447,000 in the prior year. We also recognized an AUD 442,000 fair value gain on a derivative with no equivalent item in FY25. Finance costs were largely unchanged at AUD 23,000. Taken together, these movements brought the net loss to AUD 867,000, an improvement of 76% on FY25. From an operating cost perspective, cost discipline underpinned our earnings improvement in FY26. Operating expenses improved by AUD 500,000 despite continued investment in NAB Integration Service, the BCM Owners Portal, AI capabilities, and commercial readiness initiatives. Lower consulting expenditure, IT subscription costs, and non-cash fair value movements more than offset increasing employee and contract costs associated with strategic delivery activity.

Brent Henley: We recorded a foreign exchange loss of AUD 145,000 compared with an AUD 212,000 gain in the prior year. Other income of AUD 816,000 was made up of interest earned from our term deposits and this year's R&D claim, up from AUD 447,000 in the prior year. We also recognized an AUD 442,000 fair value gain on a derivative with no equivalent item in FY25. Finance costs were largely unchanged at AUD 23,000. Taken together, these movements brought the net loss to AUD 867,000, an improvement of 76% on FY25. From an operating cost perspective, cost discipline underpinned our earnings improvement in FY 2026. Operating expenses improved by AUD 500,000 despite continued investment in NAB Integration Service, the BCM Owners Portal, AI capabilities, and commercial readiness initiatives.

Speaker #3: Taken together , these movements brought the net loss to 867,000 . An improvement of 76% on FY 25 . From an operating cost perspective , cost discipline underpin our earnings improvement in FY 26 operating expenses improved by 500,000 despite continued investment in NAB integration service .

Speaker #3: The VCM owners portal AI capabilities and commercial readiness initiatives , lower consulting expenditure . It subscription costs and non-cash fair value movements . More than offset increasing employee and contract across associated with strategic , strategic delivery activity .

Brent Henley: Lower consulting expenditure, IT subscription costs, and non-cash fair value movements more than offset increasing employee and contract costs associated with strategic delivery activity.

Speaker #3: This continued contributed to improving operating leverage and a material reduction in Da loss during the year . It's worth noting that our professional fees line includes audit fees , legal fees , ASX compliance costs and other consultant costs , which is why it can move independently of our customer facing professional services revenue From a business perspective , Strata license fee revenue increased 10.8% to 7.9 million , reflecting customer expense and partnership license revenues and continued platform adoption .

Brent Henley: This contributed to improving operating leverage and a material reduction in the EBITDA loss during the year. It is worth noting that our professional fee line includes audit fees, legal fees, ASX compliance costs, and other consultant costs, which is why it can move independently of our customer-facing professional services revenue. From a Strata business perspective, Strata license fee revenue increased 10.8% to AUD 7.9 million, reflecting customer expansion, partnership license revenues, and continued platform adoption. License fees remain more than 80% of total Strata revenue, despite elevated NAB-related implementation activity. Professional fee revenue increased significantly, primarily reflecting the NAB Integration Service development program, a key enabler of future ARR growth. Strata ARR increased to AUD 8 million, backlog increased to AUD 520,000, and contracted ARR increased to AUD 8.5 million, all supported by new contract wins, partnership-related revenues, and implementation activity.

Speaker #3: License fees remain more than 80% of total revenue , despite elevated NAB related implementation activity . Professional fee revenue increased significantly , primarily reflecting the NAB integration service development program , a key enabler of future IRR growth strata .

Speaker #3: IRR increased by $8 million, backlog increased to 520,000, and contracted IRR increased to $8.5 million, all supported by new contract wins.

Speaker #3: Partnership related revenues and implementation activity lost one from legacy competitors . through the year , reaching approximately 17,000 in the fourth quarter , which is around 10% of lots required to double the company's strata .

Brent Henley: Lots won from legacy competitors increased through the year, reaching approximately 17,000 in the Q4, which is around 10% of lots required to double the company Strata ARR. License fees did fall as a share of total revenue from 94.4% to 81.2%, but that is simply a mix effect from the elevated NAB-related professional fee revenue during the build phase, not a change in the underlying quality of Strata license revenue. From an FM perspective, FM license fee revenue was stable at AUD 4.9 million, reflecting the resilience of the FM recurring revenue base. Professional fee revenue declined following lower project and implementation activity relative to FY25. License fees increased to 92% of total revenue, improving the quality and predictability of FM earnings. FM ARR increased 3.8% to AUD 5.4 million, despite lower total revenue, continued growth in recurring customer revenue while project implementation activity moderated.

Speaker #3: IRR licensees did fall as a share of total revenue from 94.4 to 81.2 , but that's as simply a mixed effect from the elevated NAB related professional fee revenue during the build phase , not a change in the underlying quality of strata license revenue From FM perspective , FM license fee revenue was stable at 4.9 million , reflecting the resilience of the FM recurring revenue base .

Speaker #3: Professional fee revenue declined following lower projects and implementing implementation activity relative to FY 25 . License fees increased to 92% of total revenue , improving the quality and predictability of FM earnings .

Speaker #3: FM IRR increased 3.8% to $5.4 million despite lower total revenue. Continued growth in recurring customer revenue, while projects implementation activity moderated. Backlog increased by $163,000 from December to June 2026.

Brent Henley: Backlog increased by AUD 163,000 from December to June 2026, giving good visibility over future revenue. License fee as a share of total FM revenue improved from 87% to 92%, reinforcing the quality of the FM recurring revenue base. Turning to cash flow, our operating cash outflows improved materially in the H2, reducing from AUD 3.2 million in the H1 to AUD 0.5 million, reflecting progress on major platform development and investment activity. In FY26, operating cash flow reflects significant investment in the NAB Integration Service, the BCM Owners Portal, and broader platform initiatives delivered throughout the year. This investment is primarily reflected in payments to suppliers and employees, which increased 23.8%. It is worth noting that customer fees in FY25 benefited from the NAB-related payments and timing factors, which affects period-on-period comparability.

Brent Henley: Backlog increased by AUD 163,000 from December to June 2026, giving good visibility over future revenue. License fee as a share of total FM revenue improved from 87% to 92%, reinforcing the quality of the FM recurring revenue base. Turning to cash flow, our operating cash outflows improved materially in the H2, reducing from AUD 3.2 million in the H1 to AUD 0.5 million, reflecting progress on major platform development and investment activity. In FY 2026, operating cash flow reflects significant investment in the NAB Integration Service, the BCM Owners Portal, and broader platform initiatives delivered throughout the year. This investment is primarily reflected in payments to suppliers and employees, which increased 23.8%. It is worth noting that customer fees in FY25 benefited from the NAB-related payments and timing factors, which affects period-on-period comparability.

Speaker #3: Given good visibility over future revenue , license fee as a share of total revenue improved from 87% to 92% , reinforcing the quality of the FM recurring revenue base Turning to cash flow , our operating cash outflows improved materially in the second half , reducing from 3.2 million in the first half to 0.5 million , reflecting progress on major platform development and investment activity in FY 26 .

Speaker #3: Operating cash flow reflects significant investment in the NAB Integration Service. The BCM Owners Portal and broader platform initiatives were delivered throughout the year.

Speaker #3: This investment is primarily reflected in payments to suppliers and employees , which increased 23.8% . It's worth noting that customer receipts in FY 25 benefited from the NAB related payments and timing factors , which affects period on period comparability .

Speaker #3: We ended FY 26 with 11.9 million in cash and term deposits and no debt . A strong funding position for execution in FY 27 with major development activity now substantially complete , our focus shift to customer adoption , commercialization and further operating leverage Turning to the balance below , the operating cash flow , we placed 10.1 million into term deposits during the year , which is why our cash and term deposits position is best .

Brent Henley: We ended FY26 with AUD 11.9 million in cash and term deposits and no debt, a strong funding position for execution in FY27. Turning to the balance below the operating cash flow, we placed AUD 10.1 million into term deposits during the year, which is why our cash and term deposits position is best read together with cash alone. Financing cash flow was a modest outflow of AUD 116,000 relating to principal lease liability repayments, compared with AUD 8.7 million of net financing inflows in FY25, which had benefited from share proceeds raised that year. From a balance sheet perspective, the balance sheet remains strong and well-positioned to support the FY27 execution. As stated previously, we ended the year with AUD 11.9 million in cash and term deposits and no debt.

Brent Henley: We ended FY 2026 with AUD 11.9 million in cash and term deposits and no debt, a strong funding position for execution in FY 2027. Turning to the balance below the operating cash flow, we placed AUD 10.1 million into term deposits during the year, which is why our cash and term deposits position is best read together with cash alone. Financing cash flow was a modest outflow of AUD 116,000 relating to principal lease liability repayments, compared with AUD 8.7 million of net financing inflows in FY25, which had benefited from share proceeds raised that year. From a balance sheet perspective, the balance sheet remains strong and well-positioned to support the FY 2027 execution. As stated previously, we ended the year with AUD 11.9 million in cash and term deposits and no debt.

Speaker #3: Red . Together with cash alone financing , cash flow was a modest outflow of 116,000 relating to principal lease liability repayments , compared with 8.7 million of net financing inflows in FY 25 , which had benefited from share proceeds raised that year from a balance sheet perspective , the balance sheet remains strong and well positioned to support the FY 27 execution .

Speaker #3: As stated previously, we ended the year with $11.9 million in cash and term deposits and no debt. Total liabilities reduced 37.7% to $7.9 million, primarily by reductions in deferred revenue, derivative liabilities, and working capital obligations.

Brent Henley: Total liabilities reduced 37.7% to AUD 7.9 million, driven primarily by reductions in deferred revenue, derivative liabilities, and working capital obligations. Net assets increased to AUD 13.7 million, despite continued investment in platform delivery, pilot readiness, and commercial capability. Now, turning to ARR. ARR increased to AUD 13.3 million, supported by NAB partnership revenues, customer expansion, and new contract wins. CARR grew or contracted ARR grew 4.3% on the prior year, with backlog expanding to AUD 0.7 million. It is worth highlighting that this growth was achieved prior to the widespread deployment of NAB Integration Service, the BCM Owners Portal, and Strata platform enhancements. We see this as a base to build from, not the full picture of what those investments can deliver. We enter FY27 with multiple ARR expansion pathways across both the existing customers and legacy conversion.

Brent Henley: Total liabilities reduced 37.7% to AUD 7.9 million, driven primarily by reductions in deferred revenue, derivative liabilities, and working capital obligations. Net assets increased to AUD 13.7 million, despite continued investment in platform delivery, pilot readiness, and commercial capability. Now, turning to ARR. ARR increased to AUD 13.3 million, supported by NAB partnership revenues, customer expansion, and new contract wins. CARR grew or contracted ARR grew 4.3% on the prior year, with backlog expanding to AUD 0.7 million. It is worth highlighting that this growth was achieved prior to the widespread deployment of NAB Integration Service, the BCM Owners Portal, and Strata platform enhancements. We see this as a base to build from, not the full picture of what those investments can deliver. We enter FY 2027 with multiple ARR expansion pathways across both the existing customers and legacy conversion.

Speaker #3: Net assets increased to 13.7 million despite continued investment in platform delivery , pilot readiness and commercial capability . Now turning to IRR , RR increased 13.3 million , supported by NAB partnership revenues , customer expansion and new contract wins .

Speaker #3: CAR grew or contracted. RR grew 4.3% on the prior year, with backlog expanding to $0.7 million. It's worth highlighting that this growth was achieved prior to the widespread deployment of NAB Integration Service.

Speaker #3: The BCM Owners Portal and Strata platform enhancements — so we see this as a base to build from, not the full picture of what those investments can deliver.

Speaker #3: We enter FY 27 with multiple RR expansion pathways across both the existing and legacy conversion . Looking at the five year trend , the total RR has grown from 10.4 million in FY 21 to 13.3 million in FY 26 , a compound annual growth rate of approximately 5% , with strata RR increasing from 6.9 to 8 million and FM increasing from 3.6 to 5.4 million over the same period Now , turning to our new contract wins .

Brent Henley: Looking at the five-year trend, the total ARR has grown from AUD 10.4 million in FY21 to AUD 13.3 million in FY26, a compound annual growth rate of approximately 5%, with Strata ARR increasing from AUD 6.9 million to AUD 8 million and FM increasing from AUD 3.6 million to AUD 5.4 million over the same period. Now turning to our new contract wins. New contract wins were AUD 845,000 in ARR, which was down 9% on FY25. Despite the lower contract wins, ARR increased to AUD 13.3 million and contracted ARR increased to AUD 14 million, supported by customer expansion, partnership revenues, and implementation activity. As stated previously, our backlog expanded to AUD 0.7 million. As Darc Rasmussen mentioned earlier, we signed approximately 70,000 lots from legacy competitors during the Q4. Around 10% of the lots required double the company Strata's ARR. Within that, Strata contract wins were AUD 334,000, with ABAC wins of AUD 328,000.

Brent Henley: Looking at the five-year trend, the total ARR has grown from AUD 10.4 million in FY21 to AUD 13.3 million in FY 2026, a compound annual growth rate of approximately 5%, with Strata ARR increasing from AUD 6.9 million to AUD 8 million and FM increasing from AUD 3.6 million to AUD 5.4 million over the same period. Now turning to our new contract wins. New contract wins were AUD 845,000 in ARR, which was down 9% on FY25. Despite the lower contract wins, ARR increased to AUD 13.3 million and contracted ARR increased to AUD 14 million, supported by customer expansion, partnership revenues, and implementation activity. As stated previously, our backlog expanded to AUD 0.7 million. As Darc Rasmussen mentioned earlier, we signed approximately 70,000 lots from legacy competitors during the Q4. Around 10% of the lots required double the company Strata's ARR.

Speaker #3: New contract wins were 845,000 in RR , which was down 9% on FY 25 . Despite the lower contract wins , RR increased to 13.3 million and contracted RR increased to 14 million , supported by customer expansion , partnership revenues and implementation activity .

Speaker #3: As stated previously , our backlog expanded to 0.7 million . As mentioned earlier , we signed approximately 70,000 lots from legacy competitors during the fourth quarter , around 10% of the lots replied double the company Stratus RR .

Speaker #3: Within that strata , contract wins were 334,000 , with APAC wins of 328,000 . Facilities management winds were 511,000 , which was broadly flat on FY 25 .

Brent Henley: Within that, Strata contract wins were AUD 334,000, with ABAC wins of AUD 328,000. Facilities management wins were AUD 511,000, which was broadly flat on FY25. I will now hand back to Simon for the outlook for FY 2027.

Brent Henley: Facilities management wins were AUD 511,000, which was broadly flat on FY25. I will now hand back to Simon for the outlook for FY27.

Speaker #3: I'll now hand back to Simon for the outlook for FY 27 . Thanks , Brent So Urbanise com FY 27 positioned to convert our platform investment into the customer adoption and commercialization of our priorities for FY 27 are to continue stage pilot deployment for the integration service BCM owners portal and Strata platform enhancements .

Simon Lee: Thanks, Brent. Urbanise enters FY27 positioned to convert our platform investment into customer adoption and commercialization. Our priorities for FY27 are to continue staged pilot deployment of the NAB Integration Service, BCM Owners Portal, and Strata platform enhancements. We will progress customer adoption and customer outcomes across our installed base. We will pursue legacy conversion opportunities supported by the banking choice and integrated payments capability. To build on improving the operating leverage we saw following the completion of major FY26 development activity. To make targeted investments in team capacity and capability to support the innovation and development, customer deployment, and scalable processes. To maintain the disciplined capital management while supporting future growth initiatives. Finally, to target return to positive operating cash flow in the second half of FY27. FY26 was about building the platform and improving the model.

Simon Lee: Thanks, Brent. Urbanise enters FY 2027 positioned to convert our platform investment into customer adoption and commercialization. Our priorities for FY 2027 are to continue staged pilot deployment of the NAB Integration Service, BCM Owners Portal, and Strata platform enhancements. We will progress customer adoption and customer outcomes across our installed base. We will pursue legacy conversion opportunities supported by the banking choice and integrated payments capability. To build on improving the operating leverage we saw following the completion of major FY 2026 development activity. To make targeted investments in team capacity and capability to support the innovation and development, customer deployment, and scalable processes. To maintain the disciplined capital management while supporting future growth initiatives. Finally, to target return to positive operating cash flow in the second half of FY 2027. FY 2026 was about building the platform and improving the model.

Speaker #3: We will progress customer adoption and customer outcomes across our installed base. We will pursue legacy conversion opportunities supported by the banking choice and integrating payments capability.

Speaker #3: Build on improving the operating leverage we saw following the completion of major FY26 development activity, to make targeted investments in team capacity and capability to support innovation, development, customer deployment, and scalable growth. The aim is to maintain disciplined capital management while supporting future growth initiatives, and finally, to return to target.

Speaker #3: Return to positive operating cash flow in the second half of FY27. So FY26 was about building the platform and improving the model.

Speaker #3: FY27 is about converting that investment to revenue adoption, improving cash generation, and we are pleased with the progress made this year. Confident with the opportunity ahead. Thank you.

Simon Lee: FY27 is about converting that investment to revenue, adoption, improving cash generation. We are pleased with the progress made this year. Confident in the opportunity ahead. Thank you. I will now hand back to Françoise for Q&A.

Simon Lee: FY 2027 is about converting that investment to revenue, adoption, improving cash generation. We are pleased with the progress made this year. Confident in the opportunity ahead. Thank you. I will now hand back to Françoise for Q&A.

Speaker #3: I'll now hand back to Françoise for a—

Speaker #1: Thanks , gentlemen . We'll now move to Q&A . If you have any questions , please submit them via the Q&A text box at the bottom of the screen .

Françoise Debelak: Thanks, gentlemen. We will now move to Q&A. If you have any questions, please submit them via the Q&A text box at the bottom of the screen. I will begin with some questions we received via email this morning, and the first one comes from Matt Gardner, and he asks, "Is the pilot on track, and have you encountered any surprises?

Françoise Dixon: Thanks, gentlemen. We will now move to Q&A. If you have any questions, please submit them via the Q&A text box at the bottom of the screen. I will begin with some questions we received via email this morning, and the first one comes from Matt Gardner, and he asks, "Is the pilot on track, and have you encountered any surprises?

Speaker #1: But I'll begin with some questions we received via email . This morning . And the first one comes from Matt Gardner , and he asks , is the pilot on track ?

Speaker #1: And have you encountered any surprises?

Speaker #3: Okay , so the just to recap , the stage pilots of the the NAB webinars , NAB integration service commenced in July 2026 , and that was part of our program timeline .

Simon Lee: I will take this one. Just to recap, the staged pilots of the Urbanise NAB Integration Service commenced in July 2026. That was part of our program timeline. The program is going to plan. We are testing modules with a select number of early adopter customers whose profile and size are very comparable to the rest of our customer base. So far, the testing feedback is good. We are basing that feedback and release based on a gradual release of the modules. As I mentioned in the presentation, it is not a big bang. It is a gradual release of the modules. In short, the pilot is going well. I think there are many more slides there.

Speaker #3: The program is going to plan. We're testing modules with a select number of early adopter customers whose profile and size are very comparable to the rest of our customer base.

Speaker #3: So far , the testing feedback is good . We're basing that feedback and release based on a gradual release of the modules . As I mentioned in the presentation , it's not a big bang .

Speaker #3: It's a it's a gradual release . What we want is so in short , the pilot is going well and I think there's many more slides .

Brent Henley: I think that covers it. The pilot progress has been excellent. The customer feedback has been excellent and a great learning exercise validating the proposition to our existing customer base, as well as the legacy conversion opportunity.

Speaker #2: I think that covers it. The pilot progress has been excellent. The customer feedback has been excellent, and it has been a great learning exercise—validating the proposition to our existing base, as well as highlighting the legacy conversion opportunity.

Darc Rasmussen: I think that covers it. The pilot progress has been excellent. The customer feedback has been excellent and a great learning exercise validating the proposition to our existing customer base, as well as the legacy conversion opportunity.

Speaker #3: Yes .

Simon Lee: Yes.

Speaker #1: Great. We have a follow-up question, and the question is: How is your relationship with NAB going?

Françoise Debelak: Great. We have a follow-up question, and the question is, how is your relationship with NAB going?

Françoise Dixon: Great. We have a follow-up question, and the question is, how is your relationship with NAB going?

Simon Lee: The relationship with NAB is going very well. I think in terms of what we have released to the investment market, you might have seen on the last release, the NAB and Urbanise partnership has been quite visible at market events, including the SCA events. Go-to-market activities have been very important to be programmed in step with the pilots, and that has been achieved through a very close relationship between the two teams. Very coordinated approach, leveraging Urbanise's expertise in the industry and our partners' banking and infrastructure services. From a team perspective, it is going very well. We have had MRI staff to talk to some of the combination of our partners' investment into the sector.

Speaker #3: The the relationship NAB is going very well . I think in terms of what we've released to the investment market , you might have seen the last release , the NAB and Urbanise com partnership has been quite visible at market events , including SCA events .

Speaker #3: The go to market activities have been very important to to be programmed in step with the with the pilots and that's been achieved through very , very close relationship between the two teams .

Speaker #3: Very coordinated approach leveraging Urbanise com expertise in the industry and the partners banking and infrastructure services . So , you know , from a , from a team perspective , it's going very , very well .

Speaker #3: We've we've had Kim , I asked up to the to talk to some of the , the observations of our partners investment into the system .

Speaker #2: Yes , absolutely . Thank you . Simon . So yeah , I would , I would only add that the level of focus that we see in this partnership is impressive .

Brent Henley: Yes, absolutely. Thank you, Simon.

Darc Rasmussen: Yes, absolutely. Thank you, Simon. I would only add that the level of focus that we see in this partnership is impressive. There is a real willingness to understand the needs at a technical level of the integration required to serve this market. Our relationship with NAB is at a technical integration layer. We are a technical integration enabler. But understanding the business and commercial outcomes, the customer service outcomes of that is important. We have been impressed by the ability of NAB to embrace that, but also to bring forward individuals with high levels of understanding and expertise in the Strata market. Add to that, is that the technical capabilities here matter, and it is, I think, well known that NAB has leading and award-winning banking technology, and in our integration efforts with them, we have seen that come to life.

Darc Rasmussen: I would only add that the level of focus that we see in this partnership is impressive. There is a real willingness to understand the needs at a technical level of the integration required to serve this market. Our relationship with NAB is at a technical integration layer. We are a technical integration enabler. But understanding the business and commercial outcomes, the customer service outcomes of that is important. We have been impressed by the ability of NAB to embrace that, but also to bring forward individuals with high levels of understanding and expertise in the Strata market. Add to that, is that the technical capabilities here matter, and it is, I think, well known that NAB has leading and award-winning banking technology, and in our integration efforts with them, we have seen that come to life.

Speaker #2: There is a real willingness to understand the needs at a technical level of the integration required to serve this market. Our relationship with NAB is at a technical integration layer, where we are a technical integration enabler.

Speaker #2: But understanding the the business and commercial outcomes , the customer service outcomes of that is is important . And we've been impressed by the ability of , of NAB to , to embrace that , but also to bring forward individuals with high levels of understanding and expertise in the strata market .

Speaker #2: Add to that that the technical capabilities here matter and it is , I think , well known that NAB has leading and award winning banking technology and in our integration efforts with them , we have seen that come to life .

Speaker #2: So from a technical perspective , we've been very encouraged and impressed that as that technical relationship with with the bank is , is , is playing out as well as it has

Darc Rasmussen: From a technical perspective, we have been very encouraged and impressed that that technical relationship with the bank is playing out as well as it has.

Speaker #1: Thank you . Dark our , our next question comes from George Curran . And this is another one we received via email this morning .

Françoise Debelak: Thank you, Darc Rasmussen. Our next question comes from George Curran, and this is another one we received via email this morning. He asks, "How is your pipeline looking for the next 12 months across Strata and FM?

Françoise Dixon: Thank you, Darc. Our next question comes from George Curran, and this is another one we received via email this morning. He asks, "How is your pipeline looking for the next 12 months across Strata and FM?

Speaker #1: He asked, "How is your pipeline looking for the next 12 months across Strata and FM?"

Speaker #3: Very good. I'll talk to the strata pipeline. I might ask Rent to talk to them. I mean across the group.

Simon Lee: Very good. I will talk to the Strata pipeline. I will ask Brent to talk to the FM. I mean, across the group, given the investment we have made over the last 18 months into sales and marketing capability, that has translated into new logo pipeline. In terms of the Strata pipeline, as we have reported the last quarter, that is we have converted legacy platform strata managers to the Urbanise platform, which we expect the implementation of that backlog to occur during this time.

Speaker #3: Given the investment we've made over the last 18 months in sales and marketing capability, you know, that has translated into new pipeline.

Speaker #3: And in terms of the strata pipeline, as we've reported in the last quarter, that is, we've converted legacy platform strata managers.

Speaker #3: So the Urbanise com Urbanise com platform , which we expect will be implementation of that backlog to occur . During this past , and that has been on the back of investment in sales on it was our chief commercial officer has joined us in the last nine months , and that has been highly effective in terms of generating the the , you know , furthering our brand presence in the market and also ensuring that the market understands the benefits of Urbanise com and our roadmap and our partnership and what that can bring to Australian managers businesses , which highlight a couple of key things that managers care about is , is that we continue to innovate , that we continue to partner , and we continue to help them with their business and their challenges around profitability .

Simon Lee: That has been on the back of the investment in sales of note with Stan Waddell, our Chief Commercial Officer, who has joined us in the last nine months. That has been highly effective in terms of generating the, furthering our brand presence in the market. Also ensuring that the market understands the benefits of Urbanise and our roadmap and our partnerships and what that can bring to strata managers' businesses. If I highlight a couple of key things that managers care about is that we are continuing to innovate, that we continue to partner, and we continue to help them with their business and their challenges around profitability. On the FM side.

Speaker #3: On the FM side . Yeah , fine . From an FM perspective , the business is focused on four clear verticals being aged care , early childhood utilities , and education , and the pipeline is incredibly strong .

Brent Henley: Yeah. Thanks, Juan. From an FM perspective, the business is focused on four clear verticals, being aged care, early childhood utilities, and education. The pipeline is incredibly strong. Starting the year, Q1 is very much the start that we are looking for with big opportunities in aged care and education. Then equally Q2 in retail property and aged care. So very happy with the progress, the coverage we are making across that market and the difference that our product is making for those customers. So exciting start to the year for the FM business.

Brent Henley: Yeah. Thanks, Simon. From an FM perspective, the business is focused on four clear verticals, being aged care, early childhood utilities, and education. The pipeline is incredibly strong. Starting the year, Q1 is very much the start that we are looking for with big opportunities in aged care and education. Then equally Q2 in retail property and aged care. So very happy with the progress, the coverage we are making across that market and the difference that our product is making for those customers. So exciting start to the year for the FM business.

Speaker #3: Starting the year, Q1 is very much the first step. We're looking for big opportunities in aged care and education. And then equally, Q2 in retail property and in aged care.

Speaker #3: So , you know , very , very happy with the progress , the coverage we make . We're making across that market . And the difference that our product making for those customers .

Speaker #3: So, a start to the year for the FM business. Yeah.

Speaker #2: And I would only add that , you know , overall , the company took the perspective that it needed to upgrade its sales capability during the course of FY 26 , make measured investments , which we've done .

Darc Rasmussen: Yeah. I would only add that overall, the company took the perspective that it needed to upgrade its sales capability during the course of FY26, make measured investments, which we have done. I have got to say that we are very pleased with the sales capability that is building in the company. It is always hard to find the right leaders in that area. I have got to say that I think across the board, both FM and Strata, that we have really landed on great sales leadership who are in the process of building great sales teams and execution capability.

Darc Rasmussen: Yeah. I would only add that overall, the company took the perspective that it needed to upgrade its sales capability during the course of FY 2026, make measured investments, which we have done. I have got to say that we are very pleased with the sales capability that is building in the company. It is always hard to find the right leaders in that area. I have got to say that I think across the board, both FM and Strata, that we have really landed on great sales leadership who are in the process of building great sales teams and execution capability.

Speaker #2: I've got to say that , you know , we're very pleased with the sales capability that is building in the company . It's always hard to find the right leaders in in that area .

Speaker #2: And I've got to say that I think, you know, across the board, both FM and Strata, that we've really landed on great sales leadership who are in the process of building great sales teams and execution capability.

Speaker #1: Thank you, Doc. I'll now turn to the live chat, where we have quite a few questions that have come through. I'm going to begin with a question from Mike Simpson regarding the NAB partnership.

Françoise Debelak: Thank you, Dak. I will now turn to the live chat where we have quite a few questions that have come through. I am going to begin with a question from Mike Simpson: "With the NAB partnership, do you see Urbanise offering a discounted free Urbanise software to the strata space to compete with the free PropertyIQ strata software offered by Macquarie Bank?

Françoise Dixon: Thank you, Darc. I will now turn to the live chat where we have quite a few questions that have come through. I am going to begin with a question from Mike Simpson: "With the NAB partnership, do you see Urbanise offering a discounted free Urbanise software to the strata space to compete with the free PropertyIQ strata software offered by Macquarie Bank?

Speaker #1: Do you see Urbanise.com offering a discounted or free Urbanise.com software to the strata space to compete with the free PropertyIQ strata software offered by Macquarie Bank?

Speaker #2: Well , thank you , Mike , for that question . The market is very competitive and urbanize . If you'll recall , was in this market without any banking monetized banking integration for many years .

Darc Rasmussen: Well, thank you, Mike, for that question. The market is very competitive. Urbanise, if you will recall, was in this market without any monetized banking integration for many years, and was selling software at AUD 18 to AUD 24 a lot against competitors who are selling at AUD 4 to AUD 8 a lot. We have always said that difference is far too big to justify, and it really created a barrier for Urbanise. What we have now is the ability to meet market price. What is market price? Is it what you say, potentially zero? We are not in a race to the bottom. We know the level of value, and we have got proven, and you will see in our annual report, you will see examples of customers who are growing their business, who are expanding their margins because they are using best-in-class strata management software. So we are not in a race to the bottom.

Speaker #2: And the selling software at 18 to $24 , a lot against competitors who were selling at 4 to $8 a lot now , we've always said that difference is far too big to justify , and it really created a barrier for Urbanise com what we have now is the ability to meet market price .

Speaker #2: Now you know , what is market price ? Is it is it , you know what you say potentially zero . We're not in a race to the bottom .

Speaker #2: We know the level of value, and we've got it proven. And you'll see in our annual report, you'll see examples of customers who are growing their business, who are expanding their margins because they are using best-in-class strata management software.

Speaker #2: So we're not in a race to the bottom. We do need to provide a very strong and justifiable return on investment so that our customers know when they partner with us, they're partnering for their future.

Darc Rasmussen: So we are not in a race to the bottom. We do need to provide a very strong and justifiable return on investment so that our customers know when they partner with us, they are partnering for their future, they are partnering for their growth, they are partnering for their margin expansion. They are partnering for the retention of their customers who stay because they get great outcomes. We are absolutely focused on growing aggressively in this market, but we will use sustainable market efforts and strategies to achieve that. Hopefully that answers your question, Laurel. I do not know if it is just us, Françoise, but we cannot hear you.

Darc Rasmussen: We do need to provide a very strong and justifiable return on investment so that our customers know when they partner with us, they are partnering for their future, they are partnering for their growth, they are partnering for their margin expansion. They are partnering for the retention of their customers who stay because they get great outcomes. We are absolutely focused on growing aggressively in this market, but we will use sustainable market efforts and strategies to achieve that. Hopefully that answers your question, Laurel. I do not know if it is just us, Françoise, but we cannot hear you.

Speaker #2: They're partnering for their growth . They're partnering for their margin expansion . They're partnering for the retention of their customers who , who stay because they get great outcomes .

Speaker #2: And we are absolutely focused on growing aggressively in this market . But we we will use sustainable market efforts and strategies to achieve that Hopefully that , that that answers your question I don't know if it's just us , Francois , but we can't hear you .

Speaker #1: I know that was me.

Françoise Debelak: No, that was me. It is probably me.

Françoise Dixon: No, that was me. It is probably me.

Speaker #2: No worries .

Darc Rasmussen: No worries.

Speaker #1: Our next question comes from Brett Rock, and he asks, what were the reasons for the decline in deferred revenue?

Françoise Debelak: Our next question comes from Brett Rock, and he asks, "What were the reasons for the decline in deferred revenue?

Françoise Dixon: Our next question comes from Brett Rock, and he asks, "What were the reasons for the decline in deferred revenue?"

Darc Rasmussen: Now, while Brett is just looking at that, successful implementations is certainly one of them. You will see a lot of the professional services is obviously as a result of converting deferred revenue into realized revenue. Brett, I do not know if that is all of it.

Speaker #2: While Brent is just looking at that, its successful implementation is certainly one of them. You will see a lot of the professional services is obviously as a result of converting deferred revenue into realized revenue.

Speaker #2: But Brent, I don't know if that's all of it.

Speaker #3: Yeah , there's an element of the NAB related transactions , Brett , which we can take you through on the road show in terms of the percentage of completion , accounting against the expenditure for the NAB integration .

Brent Henley: Yeah, there is an element of the NAB-related transactions, Brett, which we can take you through on the roadshow in terms of the percentage of completion accounting against the expenditure for the NAB integration. I will talk about revenue in the call, but it is predominantly related to realization of that as income across the business.

Speaker #3: So I'll talk that through with you in the call, but predominantly it's related to the realization of that as income across the business.

Speaker #3: Yeah. Just to add to that, I think if we just talk about the timing of when we signed the NAB deal, it was the 19th of May, 2025.

Simon Lee: Yeah, just to add to that, I think if we just talk about timing of when we signed the NAB deal, it was 19 May 2025.

Brent Henley: Five.

Simon Lee: Thank you. That was just before year-end. We had received up-front payments, including part of the AUD 1.3.

Speaker #3: And that was just before year end , we had received upfront payments , including the one point part of the 1.33 million , 3 million cash .

Brent Henley: AUD 3.3 million cash.

Simon Lee: AUD 3.3 million cash.

Speaker #3: And that obviously sat on the balance sheet last year. But I think, yeah.

Brent Henley: Correct.

Simon Lee: And that obviously sat on the balance sheet at the end

Brent Henley: Yeah

Simon Lee: of last year.

Brent Henley: That was amortized then.

Darc Rasmussen: Yeah.

Speaker #1: Right . We now have another question from Brett Rock . And the question is net wins in the first quarter . So far , question mark

Françoise Debelak: Right. We now have another question from Brett Rock, and the question is, "Net wins in the first quarter so far?

Françoise Dixon: Right. We now have another question from Brett Rock, and the question is, "Net wins in the first quarter so far?

Speaker #3: Net wins in the first quarter of by 27 . Yes . I think in terms involved reporting for the quarter , we will have to report that .

Simon Lee: Net wins in the first quarter of

Françoise Debelak: Of that

Françoise Dixon: Of that

Simon Lee: FY27?

Simon Lee: FY 2027?

Françoise Debelak: Yes.

Françoise Dixon: Yes.

Simon Lee: I think in terms of our reporting for the quarter, we would have to report that.

Speaker #3: Yeah .

Darc Rasmussen: Yeah. I mean, anecdotally, post the close of 2026, we have closed additional legacy customers that we have won from competitors.

Speaker #2: I mean anecdotally , you know , post the close 26 , we have closed additional legacy customers that that we've won from competitors .

Simon Lee: Yeah.

Speaker #2: So the specifics of it , you know , obviously , Simon says we'll be we'll be reporting as as we do in the normal course of business .

Darc Rasmussen: The specifics of it, obviously, as Simon says, we would be reporting as we do in the normal course of business. But the wins that we had at the close of FY26 were not a flash in the pan. We have won additional since. That point in time event was not isolated. We are seeing additional data points, which we believe and hope will convert into momentum.

Darc Rasmussen: The specifics of it, obviously, as Simon says, we would be reporting as we do in the normal course of business. But the wins that we had at the close of FY 2026 were not a flash in the pan. We have won additional since. That point in time event was not isolated. We are seeing additional data points, which we believe and hope will convert into momentum.

Speaker #2: But , you know , the , the wins that we had in close of FY 26 , were not a flash in the pan .

Speaker #2: We have we have one additional sense . And so so that that point in time , you know , event was , was not isolated .

Speaker #2: We are we are seeing additional data points , which we believe and hope will convert into , into momentum . But yeah , winds of continued .

Simon Lee: Yeah.

Darc Rasmussen: Wins have continued.

Speaker #3: Yeah . And I'll add this , you know , given the , I think the sales culture improvements . Massive improvements in darkness touched on earlier , the what we've seen in terms of the time between initiating a lead to the time has closed massively .

Simon Lee: Yeah. I will add that, given the sales culture improvements, massive improvements Darton is touching on earlier, what we have seen in terms of the time between initiating a lead to time of closing has closed massively. That has come down to a few things, which includes, first and foremost, it is not about price, it is actually about value of the platform to customers, it is about the partnership, it is about our integrations as well and what we offer there. It is about our AI roadmap strategy. A lot of these roadmap and benefits have been positioned well with leads, and we have seen a massive uptake in MQLs, what we call MQLs, market qualified leads. We have seen a shortening of the sales lead time from the first time we talk to a customer to the time we close it.

Speaker #3: Now that is come down to a few things , which includes , you know , first and foremost , it's not about price .

Speaker #3: Essentially about value . The platform for customers . It's about the partnership . It's about our integrations as well . And what we offer there .

Speaker #3: It's about our AI roadmap strategy . So a lot of these , a lot of these roadmap and benefits have been positioned well with , with leads .

Speaker #3: And we've seen a massive uptake in , in Mql , what we call Mqls marketing qualified leads . And we've seen a shortening of the sales lead time from , from first time we talk to our customers at the time of closing .

Speaker #3: And so there's still another month to play out . And I expect that the FM sides , you you can talk to , you know , I guess a bit of color around what we might see in the quarter .

Simon Lee: There is still another month for the quarter to play out, and I expect that from the FM side, Brent, you can talk to, I guess, a bit of color around what we might see in the quarter.

Speaker #3: I think .

Brent Henley: I think from an FM perspective, there's been a good increase in MQLs, as Simon mentioned, both inbound and outbound leads.

Brent Henley: I think from an FM perspective, there's been a good increase in MQLs, as Simon mentioned, both inbound and outbound leads. We're attracting people to the website, but also the activity of the sales team is driving options across those four verticals mentioned earlier. It takes a while to get momentum in sales, but once momentum's behind you, things seem to become easier. We're in that phase where people have done a lot of hard work to get coverage, and now the opportunities are bearing fruit, so we expect that to continue in FY 2027.

Speaker #4: From an FM perspective , there's been a good increase in Mqls as Simon mentioned , but inbound and outbound leads . And so we're attracting people to the website , but also the activity of the sales team is driving options across those four verticals mentioned earlier .

Brent Henley: We're attracting people to the website, but also the activity of the sales team is driving options across those four verticals mentioned earlier. It takes a while to get momentum in sales, but once momentum's behind you, things seem to become easier. We're in that phase where people have done a lot of hard work to get coverage, and now the opportunities are bearing fruit, so we expect that to continue in FY27.

Speaker #4: So , you know , it takes a while to get momentum in sales . But once momentum is behind you , things seem to become easier in that phase .

Speaker #4: People have done a lot of hard work to get coverage, and now the opportunities are bearing fruit. So we expect that to continue into FY27.

Speaker #1: All right. Well, we have no more questions on the live chat, and so that brings our webinar to a close.

Françoise Debelak: Well, we have no more questions on the live chat. That brings our webinar to a close. I want to thank you all again for joining us today and being patient and hanging on until the ASX had released our materials. Thank you also for your continued support. Have a great day.

Françoise Dixon: Well, we have no more questions on the live chat. That brings our webinar to a close. I want to thank you all again for joining us today and being patient and hanging on until the ASX had released our materials. Thank you also for your continued support. Have a great day.

Speaker #1: I want to thank you all again for joining us today and for being patient and hanging on until the ASX had released our materials. Thank you also for your continued support.

Speaker #1: Have a great day .

Speaker #4: Thank you .

Darc Rasmussen: Thank you.

Speaker #2: Thank you .

Brent Henley: Thank you.

Simon Lee: Thanks everyone.

Operator 2: Goodbye

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